REEF raises $700M to transform parking lots
Miami-based REEF Technology, a startup that began managing parking lots and has expanded to developing an array of urban logistics hubs, has reportedly raised $700 million in a new financing backed by SoftBank and Mubadala.
The company focuses on adding infrastructure for cloud kitchens, health clinics, logistics and last-mile delivery, and consumer spaces on top of empty parking structures and spaces. It currently reports managing an “ecosystem of 4,500 locations.”
REEF mostly operates locations in the United States and Canada but also has a presence in Europe. On its its website, the company describes its vision that “a parking lot can be redesigned and transformed into a hub for the community, connecting people to the businesses, services, and experiences that make a neighborhood thrive. ”
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